Multiple studies have found that arguments about money are the leading cause of marital discord and a major factor in couples ultimately deciding to divorce. Consistent and productive communication is especially helpful in maintaining a healthy marriage when it comes to handling money concerns.
What is the best way for a couple to set up a budget?
If you and your spouse want to stop fighting about money and start enjoying each other’s company again, try using any of these budgeting as a pair tips.
Write down everything that brings in money for you
The first step in learning how to set up a budget is to collect all of your income information in one place. It could be your salary, or it could be the proceeds from other professional services you provide. As a first step in creating a budget, gathering all of your expenses in one place will help you see where you can make cuts or improvements.
Keep everything open and honest
After getting hitched, some couples opt to keep their money separate, while others want to merge their funds. No matter the outcome of a decision, spending should always be subject to public scrutiny. Now that you’re married, you and your husband are more than just roommates who split bills.
Most people fall into one of two camps about their approach to managing their money:
A married pair can reasonably compare their spending habits to determine who is the better bargain shopper. Allow the “saver” to take charge of household finances while still keeping everything out in the open.
It’s preferable to plan ahead and have “money talks” on a Sunday afternoon or after the kids have gone to bed, when neither of you will be distracted or interrupted. Brief “checkups” allow a couple to compare actual spending to their budget and talk about any upcoming financial commitments.
You should talk about your individual spending habits before coming to an agreement on a shared budget. Set a maximum amount that any of you are willing to spend on more pricey products, and stick to it.
A pair of shoes costing $80 could be fine to bring home, but a $800 home cinema system is not. Without any sort of framework, one spouse may harbour resentment over a significant purchase, while the other has no understanding what went wrong.
The ability to take preventative measures thanks to this threshold makes it less likely that an unplanned incident or disagreement would arise in the future.
Be really frugal
When you have a lot of debt, it’s easy to rationalise why you shouldn’t save money. Make a list of achievable goals for the near future.
If you find it challenging to put money into savings and then forget about it, you may want to request that your financial institution establish limits on your savings account to prevent you from withdrawing money. Don’t forget to give credit where it’s due if someone helped you save money.
Sort up your own finances
Financial trainers are qualified professionals who can assist you in developing a spending plan, changing negative habits, and handling awkward conversations about money.
These budgeting services for couples are relatively cheap and provide a high payoff for those that use them. Simply knowing that you and your partner will have less conflict as a result of these services is priceless.